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Vancity Investment Management

PRI reporting framework 2020

You are in Direct - Listed Equity Incorporation » ESG incorporation in actively managed listed equities

アクティブ運用している上場株式におけるESGの組み入れ

実施プロセス

LEI 01. Percentage of each incorporation strategy

01.1. 以下を記載してください。(1)組織でのアクティブ運用上場株式にどのESG組み入れ戦略や組み合わせを使用しているか(2)アクティブ運用している上場株式の戦略または戦略の組み合わせ別内訳

ESG組み入れ戦略 (当てはまるものをすべてお選びください)
アクティブ運用される上場株式に戦略が適用される割合 (推定 +/- 5%)
100 %
アクティブ運用している上場株式の合計 100%

01.2. 組織が実施しているESG組み入れアプローチ、および、特定のESG組み入れ戦略を選択している場合はその理由を説明してください。

We utilize investment screening to eliminate companies from our portfolios who are primarily involved in sectors we consider to be unsustainable: tobacco, alcohol, gaming, pornography, nuclear power, military weapons and fossil fuels. 

From a positive ESG investment process we also prefer to invest in companies with one or more of the following qualities:

1. adherence to a high level of corporate governance

2. commitment to progressive environmental practices and to complying with environmental regulations

3. respect for their employees and the communities in which they do business

4. advocate progressive human rights practices when carrying on business in a repressive regime

01.3. ESG組み入れ戦略の組み合わせを使用して資産を運用している場合、ESG戦略の組み合わせをどのように使用しているかを簡単に説明してください。 [任意]

Our investment process uses a unique synergy of financial analysis in combination with environmental, social and governance (ESG) analysis. Through this process we identify companies that we believe will generate a superior long-term return while minimizing risk. All securities must meet our ESG and financial criteria for selection. Once a company is confirmed as meeting our ESG criteria, a security is selected for the portfolio based on its fundamental merits as a “company” or business and its merits as a “stock” in terms of the share price and valuation. All investment decisions are based on ESG analysis, internal valuation models and our own investment thesis.

We assess companies ESG qualities using qualitative and quantitative analysis. Company performance and policy is evaluated in the following areas: corporate governance, employee relations, environmental performance, diversity, community relations, human rights and product sustainability. Companies that lag their peers are excluded from further analysis and investment. We use in-house expertise supplemented by third party research.

 


LEI 02. Type of ESG information used in investment decision (Private)


LEI 03. Information from engagement and/or voting used in investment decision-making (Private)


A) 実施:スクリーニング

LEI 04. Types of screening applied

04.1. 組織内でアクティブ運用している上場株式に適用するスクリーニングの種類を記載し、説明してください。

スクリーニングの種類

スクリーニング実行者

説明

We eliminate companies from our investible universe who have poor corporate governance practices, human rights records or environmental performance.Companies who derive signifcant revenue from tobacco, military weapons, nuclear energy, pornography, gambling, or fossil fuels are not eligible for investment.

Our ESG screening model was developed in 2003 and is currently used to manage the funds for which we provide sub-advisory services: the IA Clarington Inhance Global Equity SRI Class fund (2009), the IA Clarington Inhance Canadian Equity SRI Class fund (2009), the IA Clarington Inhance Monthly Income SRI Fund (2009) and the IA Clarington Inhance Bond SRI Fund (2017). Prior to 2017, ESG screening was applied to the IA Clarington Bond Fund which was included in the IA Clarington Inhance SRI Portfolio funds until it was replaced by VCIM’s launch of the IA Clarington Inhance SRI Bond Fund. . 

 

スクリーニング実行者

説明

Within each sector we evaluate company ESG performance to select companies who have good performance in diversity, employee relations, community relations or are introducing environmentally or socially beneficial products.

04.2. スクリーニング基準が変更された場合に顧客や受益者に通知する方法について説明してください。

Our screening criteria are established by our integrated investment team and renewed annually. Information on any changes is disseminated through client communications.


LEI 05. Processes to ensure screening is based on robust analysis

05.1. スクリーニングが徹底した分析に基づいていることを確実にするために、組織が使用しているプロセスを選択してください。

05.2. ESGスクリーニング戦略の一環で包括的なESG調査の対象となるアクティブ上場株式ポートフォリオの割合を示してください。

05.3. 第三者のESG評価がスクリーニング目的で更新される頻度を示してください。

05.5. 補足情報 [任意]


LEI 06. Processes to ensure fund criteria are not breached (Private)


C) 実施: 統合

LEI 08. Review ESG issues while researching companies/sectors

08.1. E・S・Gの各要因が投資分析の一環として体系的に調査されている、アクティブ運用の上場株式ポートフォリオの割合を記載してください。

ESG問題

影響を受ける割合
E(環境)

E(環境)

S(社会)

S(社会)

コーポレートガバナンス

コーポレートガバナンス

08.2. 補足情報 [任意]

Our ESG analysis helps identify new ESG risk which potentially impact our portfolio. We undertake a process to assess and manage our exposure to each of these risks. We start by analyzing each company’s vulnerability and strategy for addressing the particular risk. Then we confirm our assessment by seeking clarification or greater detail on policies and practices from the company, independent third parties and through media monitoring. We review the company’s response, the findings of our analysis and any new information to determine whether further action is required. Such action may include ongoing monitoring of the company’s risk management process, filing a shareholder resolution or divestment.

The shareholder resolution process encourages greater communication between the shareholder and management. In most cases, once a resolution has been filed with the company, conference calls and face to face meetings are held with the shareholder to substantiate the basis for the resolution. This process allows the shareholder to hold detailed, in-depth discussions with management on the company’s approach to a particular issue.

 


LEI 09. Processes to ensure integration is based on robust analysis

09.1. ESG統合が徹底した分析に基づいていることを確実にするために、組織が使用しているプロセスを記載してください。

09.2. 組織の統合戦略の一環で包括的ESG調査の対象になるアクティブ運用上場株式の割合を記載してください。

09.3. ESG統合戦略に使われる第三者のESG評価が更新される頻度を示してください。

09.4. ESG統合戦略に使われる組織内調査を見直す頻度を示してください。

09.5. ポートフォリオ・マネージャーがどのようにしてESG情報を保有し、使っているのか説明してください。

09.6. 補足情報 [任意]


LEI 10. Aspects of analysis ESG information is integrated into (Private)


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